Section 1008 — Corporation Tax Act 2009: Conditions relating to shares acquired

Conditions relating to shares acquired 1008 1 Each of the following conditions must be met in relation to the shares acquired. Condition 1 The shares are ordinary shares that are fully paid-up and not redeemable. Condition 2 The shares are—

a shares of a class listed on a recognised stock exchange, b shares in a company that is not under the control of another company, or c shares in a company that is under the control of a listed company. Condition 3 The shares are shares in—

a the employing company, b a company that, when the shares are acquired, is a parent company of the employing company, c a company that, when the shares are acquired, is a member of a consortium that owns the employing company, d a company that, when the shares are acquired, is a member of a consortium that owns a parent company of the employing company, or e a company within subsection (2).

2 A company (“company A”) is within this subsection if when the shares are acquired—

a the employing company or a parent company of the employing company is a member of a consortium that owns another company (“company B”),

and b company A is—

i a member of that consortium or a parent company of a member of that consortium, and ii a member of the same commercial association of companies as company B.